Oil prices fell on Monday, extending last week’s losses, as increasing coronavirus cases in the United States and Europe raised worries about energy demand, while Libya’s fast growing production also weighed on prices.
Brent was down 80 cents, or 1.9 percent, at $40.97 by 1121 GMT. US West Texas Intermediate (WTI) dropped 82 cents, or 2.1 percent, to $39.03. Both contracts fell almost 2.5 percent last week.
Russian President Vladimir Putin indicated last week he may agree to extending OPEC+ oil production reductions.
In the United States, energy companies increased their rig count by five to take the total to 287 in the week to October 23, the most since May, energy services firm Baker Hughes Co said. The rig count is an indicator of future supply.
Still, investors increased their net long positions in US crude futures and options during the week through October 20, the US Commodity Futures Trading Commission said on Friday.